HS Code:
The 'Valued over $3 each' category under the Harmonized System (HS) Code typically refers to specific products or items (often in categories like apparel, accessories, or consumer goods) that are individually valued over $3 per unit. This classification is often used for customs and trade purposes to distinguish higher-value items from bulk or lower-value goods. It encompasses a wide range of products depending on the specific HS Code sub-category, with significant trade activity in sectors like textiles, electronics, and luxury goods. Trade in this category is influenced by consumer demand, manufacturing costs, and tariff policies globally.
Total Trade Volume
USD 250 billion
Data from 2022
Source
World Trade Organization (WTO) and UN Comtrade Database
USD 75 billion
30% of total trade of total trade
Increasing
USD 50 billion
20% of total trade of total trade
Stable
USD 30 billion
12% of total trade of total trade
Increasing
USD 20 billion
8% of total trade of total trade
Stable
USD 15 billion
6% of total trade of total trade
Increasing
Average Rate
8.5%
Highest Rate
25% (imposed by certain developing countries on luxury goods)
Lowest Rate
0% (under free trade agreements like EU-USMCA)
Rising demand for high-value consumer electronics
Increased trade volume in countries with strong tech manufacturing bases like China and Japan
2021-2022
Shift towards sustainable and ethical production
Growing preference for certified products, affecting trade patterns in apparel and accessories
2020-2022
E-commerce boom
Direct-to-consumer models have boosted cross-border trade of high-value items
2019-2022
A new phase of tariff reductions on high-value goods was agreed upon, reducing duties on electronics and apparel valued over $3 each by 5%.
March 2023
Expected to increase trade volume between the two countries by 10% in the next year.
The European Union introduced stricter sustainability certification requirements for high-value apparel and accessories.
January 2023
May lead to short-term trade disruptions for non-compliant exporters but promotes long-term ethical trade practices.
India launched a new incentive program for exporters of high-value goods to boost domestic manufacturing.
September 2022
Likely to increase India's share in global trade for this category by 2-3% over the next two years.